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- 1 Walmart stock price closed at $154.49 while witnessing a loss of -0.36% during the last intraday session.
- 2 WMT stock price trades above the 20,50,100 and 200-day EMAs.
- 3 The year-to-date return of Walmart is 8.38% while the S&P 500 YTD is 14.04%.
WMT stock price was stuck in a wide consolidation zone ranging between $136.50 and $154 since the start of 2023. The stock price tried several times to shatter the resistance level of $154, but failed to do so. During the start of May, the price faced resistance from the $154 level and declined toward $145.50 to form a support.
Walmart came into the spotlight after the company reported its strong quarterly results in May, which ignited bullish momentum in the price and helped it to shatter the resistance level of $154. The retail and wholesale company reported an Earnings per share (EPS) of $1.47, thereby beating estimates by $0.15. The revenue was reported to be $152.30 while the consensus had estimated it to be $148.93.
The stock price shattered the resistance level and headed toward the next immediate resistance of $160 but the move was halted near the $158 level. WMT Price declined following the rejection in order to retest the previous zone.
Currently, the stock price has formed the support level at $154 and is struggling to rise above $156. The previous candle closed as a weak bullish candle with a long wick to the upside and a small bod,y indicating active participation of sellers near $156.
If the price can break and close below the $154 level, there is a possibility that price might again enter into the consolidation zone and head toward the level of $150. On the other hand, if bulls can push the price above $156, it might head toward $158.15 and potentially shatter it to rise further upwards.
Developments in Walmart
Walmart is in between automating all of its warehouses and distribution centers in america. It has recently launched a 1.2 million square-foot automated distribution center in Texas. Genpact has extended its partnership with Walmart to continue its North American finance and accounting operations.
Will WMT Price Rise Above Yearly High of $158.23?
WMT stpock price trades above the 20,50,100 and 200-day EMAs indicating bullish momentum in the price. The Chaikin money flow score is 0.16, indicating strength in the market. Relative strength index (RSI) entered into the overbought zone and price entered into a short-term pullback.
RSI currently trades at 57.31, indicating that bullish momentum is still left in the market but has started to dip. WMT stock price reached the upper band of bollinger and started to decline toward the 20-day SMA of bollinger.
Conclusion
The market structure and price action of Walmart is currently in an indecisive phase and the price has reached near the resistance turned support level of $154. The previous candle has closed as a weak bullish candle indicating a chance of breaking out in the downward direction.
Technical levels
Major support: $145.50 and $136.50
Major resistance: $158.15 and $160
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
